News
Technology Critical for Wealthier, Healthier & More Productive Nation- Onuegbu
Mr. Collins Onuegbu, executive vice chairman, Signal Alliance/Sasware has likened the deplorable state of the country as being at multiple crossroads.
But with technology, he said, building a wealthier, healthier and more productive nation is very possible.
Onuegbu made the remarks during Signal Alliance 2015 Customer Week Workshop, lamenting that Nigeria is at the political and economical crossroads,
He said that more than ever before, a conversation about Nigeria needs to be done at all levels of society.
The Signal Alliance Executive Vice Chairman said that as individuals Nigerians get involved every day in offices, beer parlours, Facebook, and any gathering and debate the Nigerians situations.
According to him, “Often, companies stay away from conversions because they after all are just doing their business. But more and more, companies are realizing that they are part of the society. What they do affects the society. What the society does affects them. So it is in our collective responsivity to be part of the conversation to create a better society for us to do our business.
“Recent events in the global and local economy, more than ever, highlights the need for Nigeria to get its acts together in the building of an economy to sustain its citizens. We can no longer afford to plod along and accept the statistics that 33% of our people living on less than $1 a day is an achievement. We must think big and bet big and create the space that will enable our people maximize their potential and join the rest of society who want to conquer the world.
“Look at other countries in the world: they are building cities in the desert, exploring mars, deconstructing the human genome, building smart cities. Look at great companies and their dreams: driverless cars, hyper loop, building drugs that cure from cancer to Ebola. What is our ambition as a nation? What is our ambition as companies? We cannot reduce our ambition to the capability of holding an election? To have 5000MW for a nation of 160m people”.
Onuegbu added that Nigeria’s immediate need is the diversification and the growth of the economy to allow citizens maximize the potential.
“We believe that technology offers us one of the fastest routes to achieve that. We have tested how simple and possible this is with the telecoms industry. By simply developing a fair process to open the space for companies to use existing technology we allowed our citizens who were struggling to have access to telephone in 1999 to now struggle to juggle the number of phones they can carry.
“Today, our tele-density is 100%. In 1999, it was far less than 1%. But this is a tip of the iceberg. Telecoms is just a building block to the possibilities technology can bring.
“Technology can make the 160 million Nigerians live a better and smarter life. Technology can make us live a healthier life. Technology can make us work smarter in offices, become more productive and grow better companies to compete with the rest of the world. Just imagine for a moment a Nigerian government that entirely relies on appropriate technology to operate. Elimination of waste, massive reduction in corruption, better ability to secure our people. A better managed society.
“And just imagine that the 17.2m SMES in Nigeria relied on technology to operate. And imagine 160m people consuming technology to create a more convenient life for themselves, from shopping online, having conversation online, accessing better healthcare, better education, better mobility and access to the right information at the right time. All these are taken for granted in most of the rest of the world. That’s the reason why the productivity and the quality of life of the individual in most of the world is better than what you and I experience in Nigeria.
“The industry to provide this will be bigger than our oil industry. And better still, will allow us use our brains instead of relying on a commodity that makes us lazy and breeds corruption and insecurity”.
He advised the nation’s economic managers to get engaged in the conversation to diversify the Nigerian economy.
“I believe that technology offers one of the quickest routes to diversify our economy. Let us show Nigeria that technology can build a wealthier nation. A healthier nation. A more productive nation,” Onuegbu said.
The Export-Import Bank of the United States (EXIM) has signed a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM) that will deepen collaboration and trade ties between the United States and Nigeria.
The agreement was signed by Exim President and Chair, Reta Jo Lewis, on behalf of Export Import Bank of United states, while Abba Bello, Managing Director/ Chief Executive of NEXIM signed on behalf of the Nigerian Export-Import Bank.
During the signing ceremony, EXIM President and Chair, Reta Jo Lewis, highlights increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation and infrastructure.
Also, NEXIM MD/CE, Abba Bello, highlights that the partnership is a significant milestone for Nigeria and the US that will provide increased access to trade financing for Nigerian businesses whilst facilitating smoother and more robust mutually beneficial trade flows between the two countries.
The MOU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, especially in sectors like clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, amongst others.
“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” said Chair Lewis.
“This MOU with NEXIM sends a strong market signal to Nigeria that EXIM is eager to forge a stronger commercial relationship by supporting U.S. exports in key sectors.”
The MD/CE NEXIM in his own remarks noted that, “This collaboration marks a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States.
We are confident that this partnership will open new avenues for economic growth and development”. The MOU, signed virtually marks a significant milestone for the United States and Nigeria.
The MOU will enhance the competitiveness of companies in both nations and strengthen collaboration by exploring options for utilizing EXIM’s medium- and long-term loan guarantees and/or direct loans to finance U.S. exports to Nigeria.
This MOU contributes directly to EXIM’s Sub-Saharan Africa mandate. Over the past three years, EXIM has approved approximately $4 billion of authorizations in support of U.S. exports to sub-Saharan Africa.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports.
To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including credit insurance, working capital guarantees, loan guarantees, and direct loans.
As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.
Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge of N12.3 billion fraud against Chief Oba Otudeko, chairman, Honeywell Group, and Stephen Olabisi Onasanya, the former managing director, First Bank of Nigeria (FBN).
Chief Oba Otudeko, chairman, Honeywell Group, and Stephen Olabisi Onasanya, former managing director, First Bank
The charges were filed at the Federal High Court in Lagos.
They are joined by Soji Akintayo, a former board member of Honeywell, and Anchorage Leisure Limited, a company linked to Otudeko.
The four defendants are accused of orchestrating a fraudulent scheme involving the diversion of N12.3 billion from First Bank, with the fraudulent activities allegedly occurring between 2013 and 2014.
The charges against them include claims that they unlawfully obtained funds in multiple transactions, including N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million.
These funds were allegedly obtained under the false pretence of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The EFCC further alleged that the defendants falsified documents to mislead First Bank into processing these transactions.
In the first charge, the defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank, misrepresenting that it was for V-Tech Dynamic Links Limited and Stallion Nigeria Limited, despite knowing the information to be false.
In the second charge, they allegedly obtained N5.2 billion from First Bank on November 26, 2013, by falsely claiming it was for V-Tech Dynamic Links Limited.
Between 2013 and 2014, the defendants are accused of obtaining N6.2 billion from First Bank, falsely claiming it was for Stallion Nigeria Limited.
The EFCC also alleged that, on or about September 3, 2013, the defendants forged documents, including a “Letter of Application” to deceive First Bank into believing that the documents were from V-Tech Dynamic Links Limited.
In a similar manner, they were accused of forging a document titled “Authorization to Issue Investment Certificate to First Bank” with the intent to mislead the bank.
Additionally, the charges included accusations that the defendants procured the transfer of N6.2 billion from Stallion Nigeria Limited’s account at First Bank to conceal fraudulent activities.
On December 11, 2013, the defendants allegedly facilitated a transfer of N2.09 billion from Stallion Nigeria Limited’s account to Emmerado Logistics Limited as part of the fraudulent scheme.
Alos, Chief Otudeko is accused of failing to declare a personal interest in a loan facility of N6.15 billion sought by V-Tech Dynamic Links Limited, in breach of banking regulations.
The charges are based on violations of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, the Miscellaneous Offences Act, the Money Laundering (Prohibition) Act 2011, and the Banks and Other Financial Institutions Act 2004.
The four defendants are expected to face serious legal consequences if found guilty.
The case is set to proceed on January 20, 2025, and could set an important precedent in the fight against financial fraud in Nigeria’s banking sector.
TikTok plans to shut U.S. operations of its social media app used by 170 million Americans on Sunday, when a federal ban is set to take effect, barring a last-minute reprieve, people familiar with the matter said.
The Washington Post reported President-elect Donald Trump, whose term begins a day after a ban would start, is considering issuing an executive order to suspend enforcement of a shutdown for 60 to 90 days. The report did not say how Trump could legally do so.
Users who have downloaded TikTok would theoretically still be able to use the app, except that the law also bars U.S. companies starting Sunday from providing services to enable the distribution, maintenance, or updating of it.
The Trump transition team did not have an immediate comment. Trump has said he should have time after taking office to pursue a “political resolution” of the issue.
“TikTok itself is a fantastic platform,” Trump’s incoming national security adviser Mike Waltz told Fox News on Wednesday. “We’re going to find a way to preserve it but protect people’s data.”
The New York Times separately reported that Tiktok CEO has been extended an invitation to attend the President-elect’s inaugration and sit in “a position of honor”.
A White House official told Reuters Wednesday President Joe Biden has no plans to intervene to block a ban in his final days in office if the Supreme Court fails to act and added Biden is legally unable to intervene absent a credible plan from ByteDance to divest TikTok.
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